With an expected 6% growth between now and 2026, many financial firms are enjoying the boom of new business. With that said, not every firm is knocking it out of the park.
While there are tons of firms killing it in the market, others are struggling to find their customer base. A large part of this is due to poor marketing.
Make no mistake, we’re not saying marketing is easy. Even experienced marketers find the process of marketing difficult.
That said, in order to compete in an industry filled with thousands upon thousands of firms, you need to stand out to the customer.
But if you’re not careful, it’s easy to mess up your marketing. Avoid bad marketing campaigns by steering clear of these nine mistakes!
1. Crafting Generic Messages
If you’re inexperienced at advertising, it’s easy to come up with a campaign idea that seems good on paper but comes across differently in practice.
Many companies make the mistake of crafting generic messages that the audience has no trouble seeing through.
Make no mistake, people are receptive to advertising. But only when it’s done well.
In fact, a staggering 64% of people want their favorite brands to treat them as friends.
Customers are more than happy to engage with your brand, but not if they think you’re only it for the sale. Drop the corporate speak and be real.
Interact with your audience and they’ll return the favor.
2. Not Crafting an Original Message at All
Advertising takes a great deal of time and patience. It can take months for a good campaign to come together. You may feel tempted to borrow from a competitor, or worse, copy their content while only changing the bare essentials.
We cannot stress how bad an idea this is.
Not only will you get caught, but you’ll suffer some serious consequences. Google’s web crawlers dissect every aspect of a site, checking for originality and search engine optimization (SEO) compliance.
So what if they find that you’ve plagiarized content?
At best you can expect to drop in the search rankings. At worst, you’ll run the risk of having your firm’s site de-indexed from Google.
It isn’t worth it. Originality pays off. Take your time coming up with a stellar campaign.
3. Thinking Any Publicity Is Good Publicity
This is, by far, one of the most egregious marketing fails you can make. Though it’s been said for decades that any publicity is good publicity, we know a few companies who would beg to differ.
Remember Pepsi’s disastrous Kylie Jenner ad? Experts believe it may have cost the company $1 million in lost revenue.
Especially in the age of social media, a company’s reputation matters more than ever.
If you find yourself embedded in a controversy, own up to your mistake. Get in front of the error as soon as possible and fix it.
Show the public that you’re taking steps to better your campaign and they’ll forgive you.
4. Disregarding Content Variety
Though your blog is an important part of your content marketing strategy, don’t forget to check in on social media, too. With billions of people on social media, there’s a good chance you can grow your audience through Facebook or Twitter.
And don’t forget that variety is the spice of life. Don’t be afraid to try different types of content and see which work best for your audience.
A blog post on robo fees may not have the same impact as a video explaining robo fees and what they mean for investors.
Think about the subject, the create the content around it.
5. Not Understanding Your Audience
Want to know how to get a guaranteed marketing fail? Try launching a campaign with no market research.
You’ll soon discover how easy it is to spend a fortune on advertising with no results to show for your efforts. To maximize your return on investment (ROI) you’ll need to conduct thorough research into your audience.
Who is it that your company wants to target through this campaign?
Get as specific with this information as possible. You may even want to create a customer avatar with this information to make the data more tangible.
6. Ignoring Phrasing
What you say — and how you say it — can have a huge impact on the overall success of your campaign. This is where companies tend to commit the biggest marketing fails.
Seriously — be careful with how you phrase your copy. It can have some unintended results, as Nivea learned firsthand.
If you don’t remember this campaign, that’s because it got yanked almost as soon as it launched.
The gist of the situation is that Nivea released a series of ads highlighting the purity of their ingredients. Their slogan? “White is purity”.
Yes, really. Multiple people signed off on the campaign without realizing the implications of the situation.
Always think about how your copy gets phrased and how it could become misconstrued.
7. Going Ballistic on Your Audience
The Internet isn’t known for being the most hospitable place. At some point, you’ll likely receive criticism, be it for your campaign or service.
It’s vital that you learn to handle these criticisms with grace.
As tempting as it may be, don’t ignore negative reviews or rude comments. Do your best to remedy the situation by reaching out and handling the situation — offline, if possible.
Showing your audience that you care about their concerns and will do everything in your power to make a bad situation right again can help you gain favor with the public.
8. Failing to Think About The Long Term
A great marketing campaign is more than a means of getting a quick burst of traffic or sales. It should be something that helps your company accomplish its long-term goals.
As you start creating your next campaign, think about how you can use your strategy to further your branding and solidify your company as financial experts.
9. Ignoring Data
Be it good or bad, the one thing you’re guaranteed to get from your campaign is data.
But analytics aren’t only for the end of your campaign.
Look into analytics as early and often as possible. Doing so can help you course correct any issues, as well as learn more about what your audience likes and dislikes the most.
Bad Marketing Campaigns Follow These Terrible Guidelines: Don’t Make The Same Mistake
It’s all too easy to fall into one of these nine traps and cement your campaign’s status as one of the latest bad marketing campaigns. But if you can manage to avoid these mistakes, you’ll have a great campaign on your hands.
Are you interested in learning more about how to market your company? Check out our blog or get in touch with us so we can offer more specific advice.